The signing of three more non-binding Memoranda of Understanding (MoUs) confirms the interest of the Greek market in the implementation of the CO2 storage facility in Prinos.
In particular, Energean said that the maturation of the project is underway with a total of 15 companies having expressed interest in utilizing the planned storage facility for the channeling of the carbon dioxide they emit during their production process.
The latest addition to the long list was the fertilizer company Kavala Solutions, whose non-binding interest concerns 250,000 tons of CO2 per year.
The interest exceeds the capacity of the infrastructure even after the second phase of development, reaching a total of 6.12 million tons per year when the Prinos warehouse can hold a maximum of 4 million tons.
In fact, the need for additional CO2 storage infrastructure also arises from the fact that the dioxide emissions to be stored from refineries and cement plants reach 4 million tons per year, i.e. they fully cover the capacity of Prinos with the full development of the infrastructure. Market sources who spoke to “N” pointed out that the needs of the Greek market in CO2 storage are estimated at 13-14 million tons of carbon dioxide.
The above calculations, as the same sources added, do not take into account “emitters” from neighboring countries that will express interest in channeling liquefied CO2 to Prinos for storage, taking into account that the infrastructures in the region are limited. According to a relevant announcement by the company, the Public Consultation on the Environmental and Social Impact Study has been completed, with positive opinions from the stakeholders involved. The Decision on Approval of Environmental Terms and the Storage Permit are expected in the coming months.
The first tranches from the Recovery and Resilience Fund (RRF) and the Connecting Europe Facility (CEF) are expected immediately. In addition, the Group’s current planning foresees the execution of 4 drilling wells in 2026, given that the existing drilling wells of the deposit cannot be utilized for the injection of liquefied carbon dioxide that will arrive from the emitters in Prinos.
In this light, there is a need to accelerate the procedures, with the major pending issue being the finalization of the institutional framework that will pave the way for the best design of the project within a defined timeframe. Meanwhile, the company plans to carry out a non-binding market test within the year, maintaining the goal of starting the project in 2027.
Block 2 and West Africa
Another issue is the future of Block 2, as the company has launched the process of searching for a strategic partner in order to proceed with the third exploration phase of the concession, namely the exploratory drilling stage.
The company has requested and received an extension for the completion of the second phase until March 2026, when it will have to declare whether it is proceeding with exploratory drilling or not. According to competent sources, the concession is attracting interest from other companies in the sector who are coming to study the 3D survey data, however, no specific commitment has emerged so far.
